My reading is that 50% of the placement is subject to shareholder approval (This includes the Directors' allotment)
So unfortunately shareholders can't vote against management cashing in on this, without also depriving the company of half of the cash commitment.
Obviously it would have been better if the company had only put its own allotment ($900,000) to vote. I'm sure that would have been voted down.
These guys aren't dumb.
Ann: Minbos Investor Presentation - Angola Rising, page-582
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